The Chinese regulatory crackdown on blockchain and cryptocurrencies hasn’t been able to fade away the interest of key people and companies in the country. One can easily say that as Jack Ma, the chairman of Alibaba and $150 billion China-based financial conglomerates Ant Financial, was quoted saying in his recent speech that he pays “special attention” to Bitcoin and blockchain technology, as he believes these could be key contributors in establishing a cashless society.
Jack Ma believes Bitcoin and Blockchain are powerful solutions
Jack Ma, has been highly impressed with the innovation that bitcoin and blockchain bring to the table. He has been repeatedly quoted speaking positively by various sections of media about blockchain and cryptocurrencies. Even though Ma is still studying and evaluating the essential value Bitcoin and other major cryptocurrencies bring to the market, he laid emphasis on how blockchain technology as a whole is a powerful innovation that could enable a completely cashless society.
Operating in a near cashless society in China, where only a very small portion of the population uses cash or credit cards to purchase products, receive compensation for their work, and to settle utility bills, Jack Ma analysis of Bitcoin, Blockchain and Cashless society is something that can’t be taken lightly. As Ma already owns and operates the leading Payment applications like Ant Financials’ $60 billion Alipay, his understanding and analysis of the role of fintech in forming a cashless society are unmatchable.
Alipay’s current business model is very close to what most cryptocurrency project envisions to do with the use of blockchain and cryptocurrencies. With NFC-enabled smartphones, Alipay users in China can purchase coffee with a tap of a smartphone on sophisticated Point of Sale (PoS) terminals and instantaneously receive salaries from their employees through the app, without dealing with delays that often occur with wire transfers and inefficient banking services.
In his statement, Jack Ma said,
“I pay special attention to cashless society and blockchain technology. Mine and Alibaba’s job is we will move the world into a cashless society. The society can make everybody equal, inclusive to get the money they need, make sure it is sustainable and is transparent. I hate corruption. I don’t have the opportunity is ok. But I don’t want somebody through a dirty way take away my opportunity. This is why we want a cashless society.”
He further added
“Bitcoin, the thing I want to know is that what value, what things that bitcoin can bring to the society. But Behind bitcoin, the technology itself, is really very powerful.”
The same sentiment was echoed by vice president of Ant Financial, Ray Chan, as he commented on how these products are meant to target millennials and the new generation, who are always looking for what’s new and instant. Chan was quoted saying:
“When we consider new products, we create them for this era, one in which young people have become the main driving force of our society.”
Currently, most of the world’s largest financial networks rely on centralized databases to record the transfer of fiat currencies and digital assets. By blockchain technology, Ma refers to decentralized computing systems like Ethereum that enable businesses to build on top of the blockchain, like decentralized applications (dApps) and tokens on the ERC20 token standard.
With the vision that Ma holds, his analysis is something that one can expect to come true. The only question that remains is “when?”.
What do you think about Jack Ma’s comments on cryptocurrency and blockchain? Do let us know your views on the same.